Set rent frequency to traditional English quarter dates - configuration option

This guide has been reviewed against our global client base and classed as relevant to commercial lettings properties in England

Available from version 12.179

Configurable option for Enterprise customers
To request this option to be enabled on your system, click here to contact Reapit Support

A configuration option is available to allow for rent to be collected using traditional English quarter dates

This is set up on the tenancy as the rent collection frequency, it can also be set up for the collection of letting fees and/or management fees

1. Property record

BQD - property.png

2. English quarter date options on tenancy

For a new tenancy, on tenancy record:

  • The Initial rent frequency (on the Details tab) should be set to Br. Quarter
    The initial rent shows using the amount and frequency set on the property record - the quarterly payment amount is shown below

    BQD - set frequency on Initial rent field.png
  • For all tenancies (new & existing), the Financial & Renewals tab can be used to set the following frequencies:

    • (Initial) rent - Payable

    • Letting fee - Frequency

    • Management fee - Frequency

  • To have one/all the above using English quarter dates, select the required option(s) to Br. Quarter

  • When adding an alteration or renewal, the above collection frequencies are pulled from the tenancy for rent, letting fees & management fees
    English quarter dates can continue to be used for rent and fees on the alteration/renewal but they can also be changed to another frequency type, as required

3. Rent & fee breakdown

The rent and fee breakdown can be used to view the calculations for the rent & fees for each quarter

On the tenancy, Accounts Functions panel (bottom right):

  • Click the arrow to the right of Invoicing to expand the section and select Display rent and fee breakdown

The Rent and Fee Calculation breakdown is displayed for the whole tenancy period:

  • For a part-quarter period, rent and fees are calculated using a pro-rata daily rate to calculate the required amounts
    This can be seen in the example below for the first quarter being billed - due to the tenancy only starting on 01/03 and the next quarter date being just a few weeks later (on 25/03), a calculation has been made to cover the first few weeks from 01/03-24/03 before the next full quarter starts (from 25/03-23-06)

  • When an alteration/renewal applies, this will also affect how the rent and fees are calculated
    This can be seen in the example below for the quarter dated 24/06-29/06, this is due to the tenancy having an alteration from 01/09